The much-awaited launch of Overstock.com Inc tZERO security token trading platform is likely to take place in the week ending 26th January.
The CEO of Overstock Patrick Byrne reportedly said that the launch may take place on Friday i.e 25 January. However, the CEO further added, the company is waiting for a few days to process signups of users before launching, reported CoinDesk. On 18th January, Byrne said that trading of tZERO will go live by the end of 26th January 2019.
The development is crucial in the Overstock’s strategic move from e-commerce to blockchain technology. The company, in 2014, expressed its strong belief of the online retailers of accepting the bitcoin. During the cryptocurrency boom period, the company witnessed an amazing rise in the shares which rose to more than 400 percent.
Medici Ventures portfolio of Overstock contains around 10 blockchain technology investments which include a tZERO blockchain-based investment bank. Certain Wall Street analysts believe that the blockchain portfolio largely contributes to the company’s market value.
Last year in November, Byrne in an interview with the Wall Street Journal said that Overstock is most likely to divest its e-commerce business completely by February-end 2019 after the launch of tZERO.
The shares of the company were reported to have fallen by 76.7 percent at the beginning of 2018 owing to the bursting of the cryptocurrency bubble. In 2017, the company reported a loss of $4.28 EPS. The Medici portfolio succumbed to a net loss of $39 million, as reported by the Wall Street Journal.
The investors of Overstock are anticipating an official launch of tZERO and are closing looking for indicators to decide the movement of the currency in the market. Besides that, the traders may also be looking for rumors pertaining to the Overstock’s buyout of the e-commerce platform which has been in news for quite some time.
The market, however, didn’t seem to be enthusiastic about the launch of tZERO as the shares of the company were reported to be down 1.98 percent at the time of the announcement.
According to reliable sources, Steven Hopkins the chief operating officer and general counsel at Medici will lead tZERO as its president. The startup now has two vacant positions, head of issuance and head of an in-house broker-dealer that will serve tZERO’s retail clients.
The platform is said to be designed to enable trading of cryptocurrencies. However, there are reports of the company to be in talks with other companies to launch tZERO tokens. A car manufacturing firm Elio Motors is reportedly in talks to issue the next token on the platform.
Overstock has an Alternative Trading System which is like the precursor to tZERO. The ATS has been open for almost two years. The system has listed the only token representing the preferred shares in Overstock. Lately, it shows a little activity owing to technical problems, according to the company’s statement.